Companies are always inventing new ways to manage earnings, and we’re constantly reviewing the latest tricks, loopholes, and accounting rule changes to ensure we continue to have the best fundamental data in the world. We enjoy shining lights in dark corners and uncovering the truth.
By now, reports of data center accounting shenanigans are everywhere. In February 2026, The Wall Street Journal highlighted how Ernst & Young identified Meta’s (META) data center lease accounting as a “Critical Audit Matter” due to “the significant judgement required in determining that activities that most significantly affect the variable interest entity’s economic performance…”
However, investors are likely unaware of another new trick that hides major liabilities off-balance sheet. Our regular readers became aware when we published our analysis of the hidden $500 billion accounting trick impacting the largest players in the AI race on February 18th.
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